College life (student life) or working life is hard? When I was in college, I thought working life would be a breeze when it comes to money. As a student, working part time helped to supplement study allowances but it was always not sufficient. I figured that working full time would certainly bring in more money. I assumed that after graduating and working at a full time job would be an easy life compared to college life (student life).

The true fact is that working at a full time job does not make life easier. Generally, working life in the very beginning can be difficult for many people. For example, the starting salary may be low, and the person may have to pay rental if he is living outside or he may have to buy a car to get to work and also pay for other living expenses and bills.

Hence, life does not necessarily get easier after college life. For a lot of people, college life was a good experience and provided an essential experience on proper money management. What a person did not learn in the classroom, he learned from the school of hard knocks (real life experiences). During this period, a person wants to study hard and graduate successfully but he also wants to have some fun. To ensure he can achieve both goals would normally take some planning or good money juggling skills. A student seldom thinks beyond these goals unlike a person who is a full time working adult and has to plan for the future.

Responsibilities of a working adult

A working adult has to prepare for several major expenses in life such as buying a car, buying a house, getting married, having a family and retirement. Therefore he has to work hard and smart to build up his savings fund in order to achieve his goals.

There are some people who prefer to put their life goals on hold until they have accumulated a certain sum of money. On the other hand, there are people who do not care about planning for the future and only live for the moment. Consequently, since they have not made preparations for future eventualities, these people tend to get into money or debt trouble.

For those who are willing to do some hard work and proper planning, they will need to concentrate on four main areas of finance namely wealth accumulation, wealth management, wealth protection and wealth distribution. Wealth accumulation means finding ways to increase a person’s net worth, for example through wise investment of his money. Wealth management refers to managing a person’s money or finances to ensure his goals are met, his debts properly handled and future needs (e.g. retirement) are taken care of. Wealth protection means dealing with life’s risk and getting properly insured. Lastly, wealth distribution means ensuring all his wealth or assets go to his loved ones when he is no longer around. For example, by writing a Will or creating a living trust.

Upon reflection, college life provided valuable lessons on money management and during working life, a person should continue to learn and build up his wealth to ensure long term financial stability.

Read other articles by Jacquelyn at on parenting matters and on solving marriage problems.

    2 replies to "Life Lessons on Money"

    • TCKhew

      I like your summary on what we have to do with ‘wealth’, typically wealth accumulation, wealth management, wealth protection and wealth distribution. They make me have a more specific focus on what to do with the money I earn. So far, I think I am reasonably okay with my wealth management, protection and distribution, I think I only need to reinforce the area of ‘wealth accumulation’. Money is always not enough….

      • jacquelyn

        It is great that you have overall awareness on your money management!!

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